$1.9 Trillion "American Rescue Plan Act" Approved By House of Representatives

 

Today, the House of Representatives approved the Senate version of the American Rescue Plan Act, a $1.9 trillion COVID-relief bill which President Joe Biden is expected to sign into law.

Last week’s changes to the previous version of the bill, approved by the Senate, affected tax provisions such as limits on who could receive the $1,400 economic impact payments, and at what threshold the payments would taper off.

A summary of the provisions of the bill can be found here.

A more in-depth summary of the tax components can also be found here.

 
 
From The Doty Group, Individuals, Business Owners, IRS News, Tax Reform, TreasuryThe Doty GroupCOVID-19, American Rescue Plan Act, Unemployment, economic impact payments, COBRA Continuation Coverage, Child Tax Credit, Earned Income Tax Credit, Employee Retention Credit, Premium Tax Credit